29 October 2019 Morning Session Analysis
All eyes on Fed’s policy meeting.
Greenback retraced slightly on Monday while market participants await the highly anticipated Federal Reserve monetary policy meeting due later this week. As of writing, the dollar index fell 0.09% to 97.45. The Fed is highly expected to cut its interest rate for the third time this year when they meet this Wednesday and Thursday. However, investors are currently anticipating for their comments during its press conference to find out whether policymakers would continue to ease their policy further in the future. Recently, economic data from the region shows substantial slowdown in terms of economic momentum, spurring higher possibility for a rate cut in order to limit any potential recession risks. On the other hand, pair of GBP/USD slipped by 0.04% to 1.2857 during Asian trading session. Pound sterling received some bearish pressure after UK PM Boris Johnson failed to win support for an early general election on December 12th. The vote came just a few hours after EU offered to delay Brexit until January 31st and also gave an option to leave early if the Withdrawal Agreement was being passed in the UK Parliament.
In the commodities market, crude oil price ticks up 0.05% to $55.66 per barrel. On yesterday, oil futures experienced a selloff after recent economic data from China came in lower than expected, spurring concern over diminishing economic momentum from one of the world’s largest economy. Otherwise, gold price was traded flat near $1,492.28 a troy ounce as market participants wait for further signals in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (Oct) | 125.1 | 128.0 | – |
| 22:00 | USD – Pending Home Sales (MoM) (Sep) | 1.6% | 0.9% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.
Resistance level: 97.60, 97.80
Support level: 97.35, 97.15
GBPUSD, H4: GBPUSD was traded flat near the support of 1.2820. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2950, 1.3035
Support level: 1.2820, 1.2665
EURUSD, H4: EURUSD was traded lower following prior retrace from the 20-MA line (Red). MACD which illustrate diminished upward momentum suggests the pair to be traded lower, towards the direction of 1.1080.
Resistance level: 1.1145, 1.1180
Support level: 1.1080, 1.1010
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance of 109.00. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the resistance level.
Resistance level: 109.00, 109.40
Support level: 108.50, 108.20
AUDUSD, H1: AUDUSD was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.6850, 0.6885
Support level: 0.6820, 0.6780
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support of 0.6330. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.6355, 0.6390
Support level: 0.6330, 0.6300
USDCAD, Weekly: USDCAD was traded lower while currently testing at the support of 1.3050. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.
Resistance level: 1.3285, 1.3430
Support level: 1.3050, 1.2860
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance at 0.9970. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9970, 1.0010
Support level: 0.9925, 0.9865
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support of 55.55. MACD which illustrate bearish signal suggests its price to extend its losses after closing below the support level.
Resistance level: 56.70, 57.30
Support level: 55.55, 54.45
GOLD_, H4: Gold price was traded lower following prior retrace from its higher level. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.
Resistance level: 1496.00, 1511.00
Support level: 1484.05, 1477.00